News PAYCE secures 4.5 hectare Melrose Park site for $160M
16 February 2016
Australian development and investment company, PAYCE today announced that it had finalised an agreement to acquire 657-661 Victoria Road and 4-6 Wharf Road, Melrose Park, from Aqualand Australia for $160 million.
The 4.5 hectare site will be jointly developed by PAYCE and Sekisui House Australia.
PAYCE has previously purchased the adjoining Pfizer, Reckitt Benckiser and Big Sister sites, each located along Wharf Road, Melrose Park.
The strategic acquisition of the gateway site to Melrose Park means that PAYCE will now develop a proposal for a fully-integrated architectural scheme for the entire Wharf Road precinct.
The Melrose Park sites provide the opportunity to explore a multi-staged mixed-use development which will comprise employment, residential (including affordable and key-worker accommodation), commercial office and retail uses, along with a range of new and enhanced community facilities, public parks and other wider community benefits.
Given its size, Melrose Park represents one of the largest urban renewal opportunities in Sydney and even NSW.
PAYCE’s General Manager, Dominic Sullivan said, “This latest acquisition brings the total area of properties held by PAYCE in Melrose Park to nearly 30 hectares”.
Mr Sullivan went on to say that “Council has identified Melrose Park in its draft Parramatta Employment Lands Strategy 2015 document as an area undergoing significant economic change and suitable for large scale urban renewal, as many manufacturing industries restructure and residential areas expand to meet the demand for housing”.
PAYCE will shortly lodge a Structure Plan and Planning Proposal with Parramatta City Council that will outline the future development pattern of the area and will assist Council in its future planning for the precinct.
“We look forward to working with Parramatta City Council and the local community to achieve the best outcome for Melrose Park and the Parramatta local government area,” Mr Sullivan said.
Media contact: Mark Sutton 0407 918 836